U.S. bankers racing to grab $310 billion in fresh small-business aid worked through the night on Tuesday, with many battling ongoing technology problems created by 11th hour changes to the first-come-first-served program, multiple bankers said.
FILE PHOTO: Treasury Secretary Steven Mnuchin addresses the daily coronavirus response briefing as U.S. President Donald Trump listens at the White House in Washington, U.S., April 2, 2020. REUTERS/Tom Brenner
The flood of new applications, combined with changes to the SBA loan submission process made on Sunday, caused technology problems for many banks using the SBA’s “E-Tran” processing website, which was not designed to handle so much traffic. Banks were sitting on hundreds of thousands of backlogged loan applications after the first $349 billion round of funding released on April 3 was exhausted in less than two weeks.
“I have been trying to access E-Tran since 10:30 yesterday. I have not had a connection for longer than a couple minutes. This is not the result of pacing. This is the result of a system that isn’t working,” Maria Amoruso, an executive at NexTier Bank in the Pittsburgh area, said in a post on Twitter.
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